The Virginia Retirement System has hired Andrew Junkin as its new chief investment officer.
Junkin is joining the more than $100 billion retirement fund after just two years as CIO for Rhode Island’s state pension. He is set to replace Ron Schmitz, who announced plans to retire in November 2021.
Junkin will begin his new role in September, according to a Wednesday announcement from the fund. Schmitz, who has been with the retirement system since 2011, will officially step down in January 2023.
“Andrew has demonstrated vision and skill as an investor in both the public and private sectors,” VRS board chair A. Scott Andrews said in a statement. “He has led high-performing teams, worked collaboratively in a range of environments and developed innovative investment strategies.”
A spokesperson for the Rhode Island treasury confirmed that a search is underway for Junkin’s replacement.
Prior to his two-year stint at Rhode Island, Junkin was at Wilshire Consulting for 15 years. He served as president for the last five years of his tenure, leading a team that served institutional investors from pension funds to endowments and foundations. Before joining Wilshire, he worked as senior consultant and president of Asset Services.
“My goal is to build on this team’s achievements, remaining focused on VRS’ efforts to deliver investment returns within the risk parameters of the fund, and to ensure retirement security for Virginia’s dedicated public servants,” Junkin said in a statement.
Korn Ferry conducted the search for the CIO role.